0.75% Wallet-to-Bank Transfer Charge Approved Under Akufo-Addo Administration — Isaac Adongo

Speaking during parliamentary proceedings on a statement presented by Finance Minister Dr. Cassiel Ato Forson, the Bolgatanga Central MP accused the Minority Caucus of misleading the public by portraying the charge as a new electronic levy introduced by the Mahama administration. According to Adongo, documents available to him indicate that the Bank of Ghana granted Mobile Money Fintech Limited approval to implement the charge in January 2024, months before the current government assumed office. He revealed that a letter dated January 31, 2024, from the central bank to MTN contained a “no objection” approval for several mobile money service charges, including a 0.75% fee on transfers from mobile money wallets to bank accounts, capped at GH¢55. “I have in my hands a letter signed by the Bank of Ghana to MTN on January 31, 2024. The NDC was not in power at that time,” Adongo told Parliament. He added that the approval also covered a one per cent charge on cash-out transactions below GH¢2,000. Adongo argued that the Bank of Ghana’s approval under the previous administration contradicts allegations that the current government has reintroduced the Electronic Transfer Levy (E-Levy) through the wallet-to-bank transfer fee. He maintained that the charge was not a new policy introduced by the Mahama administration and challenged the Minority to retract its claims and apologise to Ghanaians. “The approval for wallet-to-bank transfers was granted under the previous government. There is no basis for describing it as a new e-levy,” he stated. The controversy emerged after Mobile Money Fintech Limited announced plans to introduce a 0.75% fee on direct wallet-to-bank transfers, prompting criticism from the Minority, which accused the government of bringing back electronic transaction charges despite the repeal of the E-Levy. However, the Bank of Ghana has since directed Mobile Money Fintech Limited to suspend implementation of the proposed charge, which was scheduled to take effect on June 1, 2026. The central bank said the suspension would allow for further consultations and broader stakeholder engagement before any decision is taken on the proposed fee.